Metalicity (ASX:MCT) is gearing up to begin the first drilling program in over a decade at its majority owned Yundamindra Gold Project in Western Australia after receiving drilling approvals.
Drilling is scheduled to begin in the next two to three weeks and will focus on the Landed at Last and Bonaparte prospects, where previous drilling intercepts show the mineralisation remains open along strike and at depth.
Metalicity, which has a $8.97 million market capitalisation, says planning and accelerated approvals are also being sought for the Pennyweight prospect, which remains open at depth and along strike, and produced near-surface results up to 8m @ 56.36 grams per tonne (g/t) gold, and 4m @ 26.14g/t gold.
Metalicity owns 80% of the Yundamindra Gold Project, with the remaining 20% held by its joint venture partner Nex Metals Explorations (ASX:NME).
The company’s exploration team and drill rig are ready to start, pending the opening of access roads to begin clearing tracks and drill pads.
Managing Director Justin Barton says with several mills in proximity to the project, coupled with record high gold prices, the company has a unique opportunity.
“It is anticipated that work is to commence on clearing tracks and drill pads in the coming days to enable mobilisation of a drill rig,” Barton says.
The Yundamindra project sits 65km southeast of Leonora and 65km east of the joint venture Kookynie Project, of which Metalicity also owns 80%.
The project lies within very close trucking proximity of a number of under capacity mills.
Write to Adam Drought at Mining.com.au
Images: Shutterstock
